RE: Marret in Coal business

The whole scenario with Marret and Cline and the restructuring is so convulated that it is nearly impossible to know what is really going on behind the scenes at Cline. Take a look at the met coal market. You have the likes of Teck signalling flat sales in 2013 and Teck sells a premium hard coking coal product which has the highest demand realtive to other grades of met coal. The reality is that the market demand for Cline's second tier coal has not bounced back it all. In fact, Cline has not been able to sell the 70,000 tons of coal that has been sitting at Jansen since Summer. Also, most miners are in cash flow preservation mode and that is why there hasn't been any significant M&A in the coal space.My gut feel tells me there won't be a deal before the deadline. There may be the possibility of a deal at some point in the future but you really need to see signs of stronger coal markets and stronger coal pricing.